My student loan is only $2k
2006-07-03 22:33:12 · 7 answers · asked by blue_munkie 2 in Business & Finance ➔ Personal Finance
Payoff the student loan and get your credit off to a great start.
It's great that you have already decided to start saving but financial obligations take precedence.
2006-07-03 22:38:30 · answer #1 · answered by Kamikazeâ?ºKid 5 · 1⤊ 0⤋
At this stage pay off your loan. It will look good on your credit rating and save you money as you are paying interest on it. Then save the amount your were putting into your student loan when it is paid off.
2006-07-03 22:53:45 · answer #2 · answered by PsiKnight9 3 · 0⤊ 0⤋
It depends if you have the discipline to not use the money you save.
Since your stundent loan interest is a tax deductible, you can put the saved money in a high interest savings account like an INGdirect savings. This way you can have an emergency fund as well.
If you'll be tempted to use the saved money on clothes or hobbies, you'll be better off paying down your debt.
2006-07-03 22:43:08 · answer #3 · answered by justagal 2 · 0⤊ 0⤋
Pay off your student loan. Why be in debt? But try put a little away each month.
Its hard! I know!
2006-07-03 22:37:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You're PAYING interest on the student loan, meaning this is costing you more money every month it is outstanding. Pay it off, then invest.
2006-07-04 03:29:39 · answer #5 · answered by homeschoolmom 5 · 0⤊ 0⤋
if you are paying more on your student loan intrest rates then you will recive from investing it then pay it off, if not leave it alone
example studen loan 7%
saving account 4.22% = loss for you/ pay then invest
2006-07-10 09:21:18 · answer #6 · answered by Nicholas S 2 · 0⤊ 0⤋
Both. Seriously.
2006-07-03 22:37:19 · answer #7 · answered by Answerer 7 · 0⤊ 0⤋